State of Wyoming Boosts Holdings in Avis Budget Group, Inc. $CAR

State of Wyoming raised its holdings in Avis Budget Group, Inc. (NASDAQ:CAR) by 20.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,061 shares of the business services provider’s stock after buying an additional 686 shares during the quarter. State of Wyoming’s holdings in Avis Budget Group were worth $308,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD grew its holdings in shares of Avis Budget Group by 17.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,180 shares of the business services provider’s stock worth $1,144,000 after purchasing an additional 2,111 shares during the period. Northern Trust Corp grew its holdings in shares of Avis Budget Group by 21.0% during the 4th quarter. Northern Trust Corp now owns 156,176 shares of the business services provider’s stock worth $12,589,000 after purchasing an additional 27,127 shares during the period. Schonfeld Strategic Advisors LLC acquired a new stake in Avis Budget Group in the fourth quarter valued at approximately $207,000. Algert Global LLC grew its position in Avis Budget Group by 3.9% in the fourth quarter. Algert Global LLC now owns 23,623 shares of the business services provider’s stock valued at $1,904,000 after acquiring an additional 878 shares in the last quarter. Finally, Bayesian Capital Management LP grew its position in Avis Budget Group by 106.2% in the fourth quarter. Bayesian Capital Management LP now owns 6,322 shares of the business services provider’s stock valued at $510,000 after acquiring an additional 3,256 shares in the last quarter. Hedge funds and other institutional investors own 96.35% of the company’s stock.

Avis Budget Group Stock Down 0.2%

Shares of CAR opened at $158.23 on Tuesday. The business’s 50 day moving average is $173.58 and its two-hundred day moving average is $120.46. Avis Budget Group, Inc. has a 52-week low of $54.03 and a 52-week high of $212.81. The firm has a market cap of $5.57 billion, a price-to-earnings ratio of -2.50 and a beta of 2.12.

Avis Budget Group (NASDAQ:CAR) last announced its earnings results on Tuesday, July 29th. The business services provider reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.02 by ($1.92). Avis Budget Group had a negative net margin of 19.06% and a negative return on equity of 14.74%. The business had revenue of $3.04 billion during the quarter, compared to analyst estimates of $3.02 billion. During the same period in the previous year, the company earned $0.41 earnings per share. The business’s revenue for the quarter was down .3% on a year-over-year basis. On average, equities analysts expect that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CAR. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $105.00 price objective (up previously from $87.00) on shares of Avis Budget Group in a research report on Friday, August 1st. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $196.00 price objective (up previously from $130.00) on shares of Avis Budget Group in a research report on Thursday, July 10th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $155.00 price objective on shares of Avis Budget Group in a research report on Thursday, July 31st. Barclays increased their price objective on shares of Avis Budget Group from $105.00 to $150.00 and gave the company an “equal weight” rating in a research report on Monday, August 4th. Finally, Zacks Research raised shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 21st. One analyst has rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $143.80.

Insider Activity at Avis Budget Group

In related news, Director Bernardo Hees sold 402,200 shares of the company’s stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $156.59, for a total transaction of $62,980,498.00. Following the sale, the director directly owned 116,521 shares of the company’s stock, valued at approximately $18,246,023.39. This represents a 77.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Edward P. Linnen sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $156.83, for a total value of $1,568,300.00. Following the sale, the executive vice president directly owned 40,915 shares in the company, valued at approximately $6,416,699.45. This represents a 19.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 52.80% of the company’s stock.

Avis Budget Group Company Profile

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the following segments: Americas, International, and Corporate and Other. The Americas segment includes the vehicle rental and car sharing operations in North America, South America, Central America, and the Caribbean.